Summarized Group Cash Flow Statement
Eni’s Summarized Group Cash Flow Statement derives from the statutory statement of cash flows. It enables investors to understand the connection existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net borrowings (deriving from the summarized cash flow statement) that occurred in the reporting period. The measure which links the two statements is represented by the free cash flow which is calculated as difference between the cash flow generated from operations and the net cash used in investing activities. Starting from free cash flow it is possible to determine either: (i) changes in cash and cash equivalents for the period by adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt and receivables related to financing activities), shareholders’ equity (dividends paid, net repurchase of own shares, capital issuance) and the effect of changes in consolidation and of exchange rate differences; and (ii) change in net borrowings for the period by adding/deducting cash flows relating to shareholders’ equity and the effect of changes in consolidation and of exchange rate differences. The free cash flow is a non-GAAP measure of financial performance.
Summarized Group Cash Flow Statement (a)
2011 |
|
(€ million) |
2012 |
2013 |
Change |
7,877 |
|
Net profit - continuing operations |
4,944 |
4,972 |
28 |
|
|
Adjustments to reconcile net profit to net cash provided by operating activities: |
|
|
|
8,606 |
|
- depreciation, depletion and amortization and other non monetary items |
11,349 |
9,578 |
(1,771) |
(1,176) |
|
- net gains on disposal of assets |
(875) |
(3,770) |
(2,895) |
9,918 |
|
- dividends, interests, taxes and other changes |
11,925 |
9,162 |
(2,763) |
(1,696) |
|
Changes in working capital related to operations |
(3,373) |
486 |
3,859 |
(9,766) |
|
Dividends received, taxes paid, interest (paid) received during the period |
(11,614) |
(9,459) |
2,155 |
13,763 |
|
Net cash provided by operating activities - continuing operations |
12,356 |
10,969 |
(1,387) |
619 |
|
Net cash provided by operating activities - discontinued operations |
15 |
|
(15) |
14,382 |
|
Net cash provided by operating activities |
12,371 |
10,969 |
(1,402) |
(11,909) |
|
Capital expenditure - continuing operations |
(12,761) |
(12,750) |
11 |
(1,529) |
|
Capital expenditure - discontinued operations |
(756) |
|
756 |
(13,438) |
|
Capital expenditure |
(13,517) |
(12,750) |
767 |
(360) |
|
Investments and purchase of consolidated subsidiaries and businesses |
(569) |
(317) |
252 |
1,912 |
|
Disposals |
6,014 |
6,360 |
346 |
627 |
|
Other cash flow related to capital expenditure, investments and disposals |
(136) |
(253) |
(117) |
3,123 |
|
Free cash flow |
4,163 |
4,009 |
(154) |
41 |
|
Borrowings (repayment) of debt related to financing activities (b) |
(83) |
(3,983) |
(3,900) |
1,104 |
|
Changes in short and long-term financial debt |
5,947 |
1,778 |
(4,169) |
(4,327) |
|
Dividends paid and changes in non-controlling interests and reserves |
(3,746) |
(4,231) |
(485) |
10 |
|
Effect of changes in consolidation and exchange differences |
(16) |
(50) |
(34) |
(49) |
|
NET CASH FLOW |
6,265 |
(2,477) |
(8,742) |